Shandong Province (China) Plan to Invest RMB2000 billion to Become a Manufacturing Power

Several days ago, Mr.Wang renyuan, governor of shandong province, announced that the investment on Shandong's manufacturing will hit RMB2000 billion till 2010. The manufacturing developing strategy has been drafted by Shandong government. There are few precedent for a province to develop by such a strategy focused on manufacturing. The goal of this strategy is to label most industrial products by "Made in Shandong". During the first 11 months of 2004, production value of industry reached RMB578.4 billion, up 26% from 2003; output of refrigerator, agricultural machines, wheel, cement and other industrial goods all ranked first in China. All of this laid the foundation for its manufacturing strategy. The goverment of Shandong province also mentioned that in 2010, production value of large-scaled manufacturing will hit RMB1000 billion with an average annual increase of over 15%; 90% of Shandong's industries will be manufacturing; 40% of Shandong's GDP will be subscribed by manufacturing; revenue income of manufacturing will be RMB400 billion with an average annual increase of near 18%. Also a Manufacturing Fund will be established to support the manufacturing. From 2004 to 2008 the government will invest RMB150 million to the Fund every year.